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False Dawn: Why The Rally Is Over | Andy Constan & Joseph Wang
Forward Guidance
Quantitative Tightening - Are We in a World of Multiple Contraction?
Risk premiums are the inverse of multiples in a very common sense way. Prices fall when risk pramiums expand or multiples contract. Quantitative tightening is going to reduce demand, reduce the demand for financial assets. And people tend to miss this a idea in that when a corporation issues a bond, people think will that's new supply that's going to hit the market. Chances are the corporation is very quickly going to recycle that sale into another asset.
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